Micro Financing Scheme for Disable and NGO

The Micro Financing Scheme for Disable is launched by the government of India, Ministry of Social Justice and Empowerment and implemented by National Handicapped Finance and Development Corporation (NHFDC). This scheme is specially launched for a person with a disability who wish to start income generation activities like e.g. Small business/trade, Tiny/cottage industry or service activity, Artisan activities, Agricultural and allied activities, Transport sector activities. Under this loan is provided for self-employment and other economic ventures. The majority of the disabled population is constantly in need of small loans for sustaining their existing employment, for generation of further employment as also for meeting varied personal and social needs. For applying under this scheme applicant or NGO need to qualify some eligibility norms which are mentioned below

Benefits of Micro Financing Scheme for Disable:

• Micro Financing Scheme for Disabled provides benefits by offering loan to disable individual or NGO who wish to serve disabled people for starting the business
• No upper limit of loan in case the scheme is implemented by the SCA to person with disability
• In case of loan to NGO either through SCA or directly by NHFDC, the maximum loan amount shall be limited to Rs. 10 lakh
• NHFDC would provide 100% funding of the sanctioned projects
• Interest payable by the beneficiaries shall not exceed 5% per annum

Required eligibility and conditions for applying Micro Financing Scheme for Disable:

1. Any Indian Citizen with 40% or more disability
2. Age above 18 years
3. The borrowers already covered under any other scheme of financing sponsored by central or State government or financing institutions and having outstanding loans against their names shall not be eligible
4. The borrowers should preferably be regular member of thrift and credit group (Self Help Group)
5. Preference will be given to women beneficiaries
6. Relevant educational/technical/vocational qualification, experience and background, and certificates
7. The applicant NGO should have been registered for at least three years and it should have good reputation
8. NGO should be running on sound lines and preferably have experience of Thrift and Credit administration of at least three years and its recovery performance during the last three years should be approximately 90% or more
9. An NGO intending to implement micro-credit scheme should have the objective of serving the social and economic needs of the weaker sections or the persons with disability
10. The SCAs to which funds have been sanctioned can make the draw of funds as per requirement within the credit limit sanctioned, which generally will be for one year
11. Term loans drawn from NHFDC will be required to be repaid within a period of 36 months in quarterly installments. The installments of term loan and interest shall be repayable to NHFDC on 30th June, 30th September, 31st December and 31st March every year

Document required for applying Micro Financing Scheme for Disable:

1. Age proof e.g. birth certificate
2. Permanent residence proof e.g. domicile certificate
3. Disability certificate
4. Educational certificates
5. Marksheets
6. Bank passbook photocopy
7. Legal documents of organization in case of (Self Help Group)
8. Identity proof
9. Aadhar card
10. Other technical documents may require will inform by SCA (State Channelizing Agency)

Application procedure:

1. Candidate who qualifies eligibility norms can apply online by visiting official website http://www.nhfdc.nic.in/apply-online
2. The applicant needs to visit State Channelizing Agency (SCA). Address of SCA as per state please visit: https://govinfo.me/wp-content/uploads/2016/10/SCA_Address.pdf

Contact Details:

1. The scheme will be implemented through State Channelizing Agencies of NHFDC and the Banks, RRBs and other institution with whom NHFDC has signed an agreement so candidate can contact to such banks also
2. Corporate Office: PHD Chamber of Commerce and Industry, Ph.D. House, 3rd Floor, 4/2 Siri Institutional Area, August Kranti Marg, New Delhi-110 016
3. A candidate may contact State Channelizing Agency (SCA). Address of SCA as per state please visit: https://govinfo.me/wp-content/uploads/2016/10/SCA_Address.pdf

References & details:

1. For more details regarding documents and other help please visit official website: http://www.nhfdc.nic.in/schemes/micro-financing-scheme
2. http://www.nhfdc.nic.in/default.aspx